GREENSBORO, N.C. — Volvo will move its global headquarters for financial services to Greensboro, the company announced Monday during a news conference and groundbreaking ceremony.
The company plans to open its new Volvo Financial Services building in 2023. Volvo executives said 360 colleagues will relocate to this new facility. The company is investing $41 million in the Triad to make this happen.
Volvo Group North America is also headquartered in Greensboro. Between Volvo Group and Financial Services, officials said there are more than 200 job openings.
Chairman of Volvo Group North America and the President of Mack Trucks, Martin Weissburg, said there are many reasons why they want to expand in the Triad.
“The work life balance living in the Piedmont is terrific, the opportunities, the school systems, the higher education, we find it fairly easy to get people to relocate to this area," Wissburg said. “We don't plan on getting smaller, you don't make a $41 million investment and then shrink. We will be growing the business both from the sales standpoint and from an employment standpoint."
This company sits right on the line of High Point and Greensboro. Both mayors said they are not surprised by the grown and said more is on the horizon.
"We want to be the best Greensboro, the best High Point that we can be. We're not looking to be Raleigh or Charlotte or any other big city. We know that people like the big city amenities, but that small town feel, and that is not our goal to change that, our goal is to bring better paying jobs and better housing and this is one step in that process," City of Greensboro Mayor Nancy Vaughan said.
“The Triad, it's really been on a roll the last couple of months, and this is another extension of that, and it's always wonderful when you hear about a worldwide company that's investing in your city and investing in your region," City of High Point Mayor Jay Wagner said.
Volvo's announcement comes on the heels of two other big economic announcements in the Triad.
Toyota is building its first North American battery-making plant at the Greensboro-Randolph megasite. Boom Supersonic is building its flagship factory for high-speed passenger jets on the grounds of PTI Airport. The companies will create thousands of jobs over the next several years.